My bid for a property was accepted at auction in West Hendon. Conveyancing is required. What happens now?
Having legally bound yourself to purchase you will need to choose a conveyancing practitioner soon as you are faced with a tight deadline in which to complete the purchase. Every auction property will have a bespoke legal set of papers. This should include the copy title deeds, local authority and drainage searches. In the case of leasehold premises the auction pack may provide a copy of the lease, management information and a sellers leasehold information form and associated conveyancing paperwork pertinent to a leasehold property. You need to hand this to the conveyancer working for you at the earliest opportunity. You also need to ensure that you have funds in order to complete the transaction on the set completion date.
We are getting the release of further funds on our home loan from Kent Reliance as we intend to carry out a loft conversion to our property in West Hendon. Are we obliged to select a nearby West Hendon solicitor on the Kent Reliance conveyancing panel to handle the paperwork?
Kent Reliance do not ordinarily instruct firms on their conveyancing panel to deal with the formalities. If they do require any legal work then you would need to ensure that such a lawyer was on the Kent Reliance panel.
Principality have agreed my mortgage in principle, my offer on a flat in West Hendon has been agreed to, what happens next?
The property agent will want to be advised as to your conveyancer's details (be sure the property lawyers are on the bank’s panel). Contact Principality or the financial adviser and finalise any relevant paperwork. Principality will appoint a valuer who will get in touch with the selling agent or seller to schedule an appointment. Once conducted (assuming no problems) it takes on average ten days to receive the mortgage offer. Principality will issue the offer to you and your property lawyers. The transaction will then take it’s course according the nature and complexity of the conveyancing in West Hendon.
Do I need to take out insurance to protect me from financial exposure to chancel repairs when buying a residence in West Hendon?
Unless a previous acquisition of the house completed post 12 October 2013 you could expect lawyers carrying out conveyancing in West Hendon to remain recommending a chancel search and or insurance against a claim.
I am looking for a flat up to £195,000 and found one close by in West Hendon I like with a park and transport links nearby, the downside is that it's only got 61 years unexpired on the lease. There is not much else in West Hendon in this price bracket, so just wondered if I would be making a grave error purchasing a lease with such few years left?
Should you require a mortgage that many years will likely be an issue. Reduce the offer by the amount the lease extension will cost if it has not already been discounted. If the existing owner has owned the premises for at least twenty four months you can ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should consult your conveyancing lawyer concerning this.
Do I need to be wary that 3rd parties that I am dealing with are encouraging me to use a nationwide conveyancing firm as opposed to a local West Hendon conveyancing firm?
As is the case with many service providers, often input from connections can be worth their weight in gold. But there are many parties with a vested interest in a conveyancing matter; estate agents, mortgage brokers and lenders might all suggest conveyancers to retain. On occasion the conveyancers might be known to one of the organisations as one of the best in their field, but occasionally there exists a financial incentive behind the endorsement. You are free to select your own conveyancer. However, bear in mind that many mortgage providers operate an approved list of lawyers you must use for the mortgage aspect of your house move.
My cousin has suggested that I instruct his conveyancing solicitors in West Hendon. Do I follow his guidance?
Much as we are happy to recommend a West Hendon conveyancing lawyer the best way to find a conveyancing lawyer is to have referrals from friends or relatives who have used the firm that you are considering.
I've recently bought a leasehold house in West Hendon. Do I have any liability for service charges relating to a period prior to completion of my purchase?
In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. Strange as it may seem, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.
If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).
My wife and I have hit a brick wall in trying to purchase the freehold in West Hendon. Can this matter be resolved via the Leasehold Valuation Tribunal?
Most certainly. We are happy to put you in touch with a West Hendon conveyancing firm who can help.
An example of a Lease Extension case for a West Hendon premises is First Floor Flat 61 Wilberforce Road in March 2014. The premium payable was £10,130 and the case was remitted back to the Willesden County Court to effect the Vesting Order (Claim No 3W103100). This case was in relation to 1 flat. The unexpired lease term was 71 years.